Industrial hemp may be legalized before marihuana

Before hemp was outlawed in the Marihuana Tax Act of 1937, it had many known industrial uses. Today, these include building materials, food products, clothing, industrial clean up products, animal feed, nutraceuticals, graphene substitutes, CBD’s, and ethanol.

Hemp is the part of the cannabis plant that has less than 0.3 percent THC. Since 2005 there have been 9 Congressional bills aimed at legalizing it. The Farming Act of 2017 is the latest, and as Technical 420 reports, it has chance at success. It would exempt hemp (not psychoactive marihuana) from the Controlled Substances Act (CSA), opening up big farming operations for the growing US market.

According to Leafly, hemp is legal to grow in at least 30 countries. It is currently imported into the US from China and Canada to serve a growing US retail market totaling $620 million in 2014.

Kentucky Republican Rep. James Comer introduced the Industrial Hemp Farming Act of 2017, largely because Kentucky farmers are known to be excellent hemp farmers.

Some believe hemp could be another billion-dollar industry, possibly helping replace jobs lost in the coal industry in Appalachia.

Risk of Prosecution for Marijuana-Related Companies. If you are considering investing in a company that is connected to the marijuana industry, be aware that marijuana-related companies may be at risk of federal, and perhaps state, criminal prosecution. The Department of Treasury recently issued guidance noting: “ The Controlled Substances Act (“CSA”) makes it illegal under federal law to manufacture, distribute, or dispense marijuana. Many states impose and enforce similar prohibitions. Notwithstanding the federal ban, as of the date of this guidance, 20 states and the District of Columbia have legalized certain marijuana-related activity.”